Massive Korean manufacturer Samsung is exploring blockchain technology solutions for its vast global supply chain.
Samsung, the South Korean multinational conglomerate, is exploring how blockchain technology can create new business deliverables for its overall supply chain.
With global demand spread out across a planet-wide supply chain worth tens of billions of dollars per year, Samsung’s blockchain chief and vice president of Samsung SDS, Song Kwang-woo, told Bloomberg this week how blockchain could help usher the company into the 21st century: “It will have an enormous impact on the supply chains of manufacturing industries. Blockchain is a core platform to fuel our digital transformation.”
The company tops Apple for smartphone market share, claiming nearly 22 percent worldwide in 2017. Samsung Electronics also leads the world in market share for semiconductors, with 14.6 percent. With manufacturing centers in China, South Korea, and Texas, its own global supply chain rivals the GDP of many smaller countries.
Such an initiative could have an impact on everything from Samsung’s raw resource component input flows to its finished products arriving at local stores. Given the degree to which Samsung’s supply chain is embedded within the overall global tech marketplace, this transition to blockchain may, in due course, leverage that footprint to consume much of the rest of the market.
Song’s comments come on the heels of statements made by his boss in March. Samsung SDS CEO Hong Won-pyo went on record about potential blockchain integration with artificial intelligence to enhance Samsung’s smart logistics platform, Cello.
Jordan Daniell is a full-time staff writer for ETHNews with a passionate interest in techno-social developments and cultural evolution. Jordan enjoys the outdoors, especially astronomy, and likes to play the bag pipes and explore southern California on foot in his spare time. Jordan lives in Los Angeles and holds value in Ether.
ETHNews is committed to its Editorial Policy
Like what you read? Follow us on Twitter @ETHNews_ to receive the latest Samsung, Korea or other Ethereum application news.
Source: ETHNews